National Republican., 1887-07-14
A PIea for the Bendholders.

The New York World of yesterday con
tains the following;
The interest-5earlng debt of the government
was reduced sl2i 100000 during the fiscal year
just closed. Since the end of the war the debt
has been reduced by the enormous sum Of owe
1851 ,CCO,CO0, and tho annual interest ohlrg,
decreased nearly sll000000O
The last of the redeemabe debt has been
called in, and the proposition is now
made for "a reflnding scheme of some kind
which viii leave a quota of bonds optional
for payment each year" If there were no
hope Of reducing the taxes such u plan would
be wise. twould be better to pay out the sur.
plus in discharglng the debt than to sq1andei
It in extravagant appropriations.
But what need Is there to continue the war
rate Of taxation for this purpose, when, as has
been shown by eX-Secretary Manning, the
sinking fund will provide for tho liquid alton
of the debt at maturity! To borrow the APT
question of Artemus Ward, what has poJ.
terity done for us" that we should burden our
selves to discharge a debt which 1t can pay
without feeling 1t? The blessings of a restored
aud regenerated Union Will be even more
valuable to the next generation than they are
10 this. That generation can well afford to
pay part OF the cost.
1t is time to take n rest from the payment oil
Gn unmatured debt. The war taxes should
como down.
The World comedies the soundness o.
the position OF the NATIONAL REPUBLICAN,,
both in regard to the right to redeem AMI
refund the debt. Yet as a matter of policy
1t prefers that the next generation should
have the pleasure of paying part OF the
debt, as 1t will be so much more largely
benefited by the blessings OF a restored
Union, to secure which the debt was con
tracted.
1t appears to us that this generation IA;
some rights that Democratic admin
istration might properly consider.
If the law authorizes, under certain con.
diticns, the rcdeeming or rcfundlng th4
| debt and those conditions now exist, VIII;
not use the surplus In the treasury to cal
in and pay a portion OF the immature
| bonds, refund the balance, and reduce tn,
interest from four to two per cent? 1t f.
| true the bondholders would lose abo1'
two hundred and twenty-dve million d..
lars in premiums, but the people would slir
about two hundred and ninety million d..
lars IN interest, anu the peoples none
| would be returned iuto the channels OF ira lie
The World will discover when 1t carefully
considers this question that it cannot sers,
| two masters; it must either serve the p,o
| pie or the bondholders. 1t admits the jIst
nCss Of the cause Of the people, yet alvu
Gates policy that favors the bondhollers.
As for the reduction OF taxation, D5mo
cratic Congress arbitrarily refused to d. it
\ Democratic President has SO little faitl
In the next Congress thathe will not call az
extra session to attempt the reduction; and
II the interests reduced one-half, the reiuc
tion Of taxes can be SO much the greater
| when 1t is made.
Under such condition OF affairs tn
World, as leader Of Democratic thought
should use Its great influence for the relie
Of the people, and not make special plea
in the interest OF q policy that favors tn
bondholders.